Provide the entries in the general ledger and sub-ledger accounts that GBI must execute in...
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Provide the entries in the general ledger and sub-ledger accounts that GBI must execute in order to fill a customer order, based on the four assumptions listed below. a. Rocky Mountain Bikes (GBI customer, a sub-ledger account) has ordered 300 road helmets (RHMT 1001) from GBI. b. The GBI San Diego plant has 100 road helmets valued at a moving average price of $25.25 each (you can calculate the initial inventory value) c. GBI has decided to purchase 400 helmets from Spy Gear (GBI vendor, a sub-ledger account) at $25.50 each (procurement process). d. GBI sells road helmets for $45 each (fulfillment process). List all debit and credit postings in related General Ledger (G/L) accounts and Sub-ledger accounts. You must mark a business-process step next to each debit/credit posting. Business-process steps: (1) Goods receipt from the vendor, (2) Receive an invoice from the vendor, (3) Send payment to the vendor, (4) Goods issue for delivery to the customer, (5) Bill the customer, and (6) Receive payment from the customer Hint: The new moving average price of RHMT 1001 after purchasing from Spy Gear =(10025.25+40025.50)/(100+400)=25.45. When GBI sells helmets to Rocky Mountain Bikes, the Cost of Goods Sold (G/L account) and Inventory-Trading Goods ( G/L account) will be valued by the new moving average price. Examples of G/L and S/L account: Inventory-Trading Goods (G/L account) Debit \$xxxxx (Initial balance) Debit $xxxxx(1) Vendor (Sub-ledger account) Debit $xxxxx(3) Credit $xxxxx(2) Provide the entries in the general ledger and sub-ledger accounts that GBI must execute in order to fill a customer order, based on the four assumptions listed below. a. Rocky Mountain Bikes (GBI customer, a sub-ledger account) has ordered 300 road helmets (RHMT 1001) from GBI. b. The GBI San Diego plant has 100 road helmets valued at a moving average price of $25.25 each (you can calculate the initial inventory value) c. GBI has decided to purchase 400 helmets from Spy Gear (GBI vendor, a sub-ledger account) at $25.50 each (procurement process). d. GBI sells road helmets for $45 each (fulfillment process). List all debit and credit postings in related General Ledger (G/L) accounts and Sub-ledger accounts. You must mark a business-process step next to each debit/credit posting. Business-process steps: (1) Goods receipt from the vendor, (2) Receive an invoice from the vendor, (3) Send payment to the vendor, (4) Goods issue for delivery to the customer, (5) Bill the customer, and (6) Receive payment from the customer Hint: The new moving average price of RHMT 1001 after purchasing from Spy Gear =(10025.25+40025.50)/(100+400)=25.45. When GBI sells helmets to Rocky Mountain Bikes, the Cost of Goods Sold (G/L account) and Inventory-Trading Goods ( G/L account) will be valued by the new moving average price. Examples of G/L and S/L account: Inventory-Trading Goods (G/L account) Debit \$xxxxx (Initial balance) Debit $xxxxx(1) Vendor (Sub-ledger account) Debit $xxxxx(3) Credit $xxxxx(2)
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Provide the entries in the general ledger and sub-ledger accounts that GBI must execute in order to fill a customer order, based on the four assumptions listed below. a. Rocky Mountain Bikes (GBI customer, a sub-ledger account) has ordered 300 road helmets (RHMT 1001) from GBI. b. The GBI San Diego plant has 100 road helmets valued at a moving average price of $25.25 each (you can calculate the initial inventory value) c. GBI has decided to purchase 400 helmets from Spy Gear (GBI vendor, a sub-ledger account) at $25.50 each (procurement process). d. GBI sells road helmets for $45 each (fulfillment process). List all debit and credit postings in related General Ledger (G/L) accounts and Sub-ledger accounts. You must mark a business-process step next to each debit/credit posting. Business-process steps: (1) Goods receipt from the vendor, (2) Receive an invoice from the vendor, (3) Send payment to the vendor, (4) Goods issue for delivery to the customer, (5) Bill the customer, and (6) Receive payment from the customer Hint: The new moving average price of RHMT 1001 after purchasing from Spy Gear =(10025.25+40025.50)/(100+400)=25.45. When GBI sells helmets to Rocky Mountain Bikes, the Cost of Goods Sold (G/L account) and Inventory-Trading Goods ( G/L account) will be valued by the new moving average price. Examples of G/L and S/L account: Inventory-Trading Goods (G/L account) Debit \$xxxxx (Initial balance) Debit $xxxxx(1) Vendor (Sub-ledger account) Debit $xxxxx(3) Credit $xxxxx(2) Provide the entries in the general ledger and sub-ledger accounts that GBI must execute in order to fill a customer order, based on the four assumptions listed below. a. Rocky Mountain Bikes (GBI customer, a sub-ledger account) has ordered 300 road helmets (RHMT 1001) from GBI. b. The GBI San Diego plant has 100 road helmets valued at a moving average price of $25.25 each (you can calculate the initial inventory value) c. GBI has decided to purchase 400 helmets from Spy Gear (GBI vendor, a sub-ledger account) at $25.50 each (procurement process). d. GBI sells road helmets for $45 each (fulfillment process). List all debit and credit postings in related General Ledger (G/L) accounts and Sub-ledger accounts. You must mark a business-process step next to each debit/credit posting. Business-process steps: (1) Goods receipt from the vendor, (2) Receive an invoice from the vendor, (3) Send payment to the vendor, (4) Goods issue for delivery to the customer, (5) Bill the customer, and (6) Receive payment from the customer Hint: The new moving average price of RHMT 1001 after purchasing from Spy Gear =(10025.25+40025.50)/(100+400)=25.45. When GBI sells helmets to Rocky Mountain Bikes, the Cost of Goods Sold (G/L account) and Inventory-Trading Goods ( G/L account) will be valued by the new moving average price. Examples of G/L and S/L account: Inventory-Trading Goods (G/L account) Debit \$xxxxx (Initial balance) Debit $xxxxx(1) Vendor (Sub-ledger account) Debit $xxxxx(3) Credit $xxxxx(2) 